Gold futures stormed higher Thursday, as U.S. stocks struggled to rally after registering three straight days of gains.
April gold closed $14.90, or 1.2%, higher at $1,226.30 an ounce. The advance for the yellow metal comes about 24 hours after minutes from the Federal Reserve indicated that the U.S. central bank is concerned about the slowdown in the global economy-a position that could be supportive for gold prices since it implies fewer interest-rate increases in 2016. Lower rates boost the luster of precious metals that don’t offer a yield.
Gold’s recent run-up suggests that some investors aren’t placing a lot of faith in the Dow Jones Industrial Average and the S&P 500 index’s recent bout of hefty gains.